HAIER SMARTHOME Considering Separation of IoT Platform COSMOPlat for Hong Kong IPO
Haier's IPO Plans: Haier Smarthome is considering a ring-fence of its IoT platform COSMOPlat for a potential IPO in Hong Kong, with discussions ongoing with CICC and HSBC.
Funding Expectations: The company aims to raise around USD 500 million through the COSMOPlat IPO, although details regarding the scale and timing are yet to be finalized.
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Analysis of the Top 5 Strongest and Weakest Stocks in HSCEI for 2025 (Table)
Top 5 Strongest Stocks: The strongest stocks in the HSCEI for 2025 include CHINAHONGQIAO (+177.4%), ZIJIN MINING (+152.2%), SMIC (+124.7%), POP MART (+109.4%), and INNOVENT BIO (+108.3%), with varying short selling ratios.
Top 5 Weakest Stocks: The weakest stocks in the HSCEI for 2025 are MEITUAN-W (-31.9%), LI AUTO-W (-31%), JD-SW (-17.9%), MENGNIU DAIRY (-15.1%), and HAIER SMARTHOME (-11.7%), also showing different short selling ratios.
Market Performance: The HSCEI index ended 2025 with a gain of 1,623 points, representing a 22.3% increase, closing at 8,913.
JD-SW Target Price Adjustment: HSBC Research has reduced the target price for JD-SW to $144 due to weaker-than-expected sales in the home appliance sector.
G Sachs Anticipates Continued High Base Pressure on CN Appliance Data in December, with Expected Improvement Next Year
Retail Sales Decline: China's November appliance retail sales saw a YoY decline of 19%, worsening from a 15% drop in October, influenced by the early Double 11 event and high base effects.
Factory Shipments Drop: Domestic factory shipments of air conditioners experienced a significant YoY decrease of 40%, indicating ongoing challenges in the appliance sector.
Future Outlook: Goldman Sachs anticipates continued growth pressure in December due to high base effects, but expects potential improvement in 2026 with the continuation of the consumer good trade-in policy.
Stock Ratings: Goldman Sachs maintains a bullish outlook on MIDEA GROUP and HISENSE HA, both receiving Buy ratings, while also providing target prices for these stocks.
CMBI Maintains Equalweight Rating for CN Discretionary Consumption Sector with a Cautious Perspective
CMBI's Rating and Outlook: CMBI has assigned an Equalweight rating to China's discretionary consumption sector for 2026, predicting retail sales growth of about 3.5%, influenced by various economic headwinds and a cautious outlook.
Positive Factors and Stock Performance: Despite challenges, factors like the delayed Spring Festival and a recovering real estate sector may support stock prices, with expectations of pressure in the first half of 2026 and potential rebounds in the second half.
Investment Preferences: CMBI categorizes investments into survival, compensatory, and hedging/defensive consumption, recommending companies in these areas, such as LEPU BIO-B and YUM CHINA, all rated as Buy.
Large-Scale Consumption Outlook: The broker is less optimistic about large-scale consumption sectors, although favorable market conditions could enhance their performance, with companies like HAIER SMARTHOME and MIDEA GROUP also rated as Buy.
Galaxy Securities Suggests POP MART as a Top Pick in Trendy Toy Market, Anticipates Continued National Subsidies from CN Next Year to Stimulate Consumption
Implementation Plan for Consumer Goods: Six Chinese ministries have launched a plan to enhance the alignment of supply and demand in consumer goods, aiming to boost consumption amid pressures from insufficient purchasing power.
Government Subsidies: The Chinese government is allocating significant funds for trade-ins of old consumer goods, with RMB150 billion in 2024 and RMB300 billion in 2025, to stimulate short-term demand through national subsidies.
Retail Sales Growth: In October 2025, total retail sales of consumer goods increased by 2.9% year-on-year, although the growth rate showed a slight decline compared to the previous month, indicating ongoing challenges in the consumer market.
Stock Recommendations: China Galaxy Securities has recommended various stocks across sectors, including GUMING and DAMAI ENT in social services, ANTA SPORTS and XTEP INT'L in apparel, and TCL ELECTRONICS in technology, reflecting a focus on the new consumer track.
CICC Reveals Top H-shares Picks for 2026 (Table)
CICC H-Share Outlook: CICC released its H-share outlook report for 2026, highlighting top stock picks including Tencent, Alibaba, and China Mobile, with varying short selling ratios.
Stock Performance: Notable stock movements include Tencent's increase of 1.656%, Alibaba's rise of 0.937%, and significant declines in stocks like Netease and SMIC.
Short Selling Data: The report includes short selling data, with Tencent and Alibaba having high short selling ratios of over 21%, indicating investor caution.
Market Trends: CLSA anticipates a 21% year-over-year growth in Tencent's adjusted EBIT for Q3, reflecting positive expectations for the company's performance.
JPM Highlights Recommendations for Shifting Investments into Underperforming Quality Chinese Stocks (Table)
Stock Performance Overview: Various stocks including CCB, Midea GP, and Haier SmartHome showed mixed performance, with CCB and Haier experiencing declines, while Midea GP saw a slight increase.
Investment Ratings: Most companies listed, such as CCB, PetroChina, and China Mobile, received an "Overweight" investment rating, indicating a positive outlook, while Midea GP was rated "Neutral."
Short Selling Activity: Significant short selling was noted for several stocks, with CCB and Haier SmartHome having high short selling ratios, indicating potential bearish sentiment among investors.
Target Prices: Target prices for the stocks vary, with CCB set at HKD9.5 and PetroChina at HKD8, reflecting analysts' expectations for future performance.
Analysis of the Top 5 Strongest and Weakest Stocks in HSCEI for 2025 (Table)
Top 5 Strongest Stocks: The strongest stocks in the HSCEI for 2025 include CHINAHONGQIAO (+177.4%), ZIJIN MINING (+152.2%), SMIC (+124.7%), POP MART (+109.4%), and INNOVENT BIO (+108.3%), with varying short selling ratios.
Top 5 Weakest Stocks: The weakest stocks in the HSCEI for 2025 are MEITUAN-W (-31.9%), LI AUTO-W (-31%), JD-SW (-17.9%), MENGNIU DAIRY (-15.1%), and HAIER SMARTHOME (-11.7%), also showing different short selling ratios.
Market Performance: The HSCEI index ended 2025 with a gain of 1,623 points, representing a 22.3% increase, closing at 8,913.
JD-SW Target Price Adjustment: HSBC Research has reduced the target price for JD-SW to $144 due to weaker-than-expected sales in the home appliance sector.
G Sachs Anticipates Continued High Base Pressure on CN Appliance Data in December, with Expected Improvement Next Year
Retail Sales Decline: China's November appliance retail sales saw a YoY decline of 19%, worsening from a 15% drop in October, influenced by the early Double 11 event and high base effects.
Factory Shipments Drop: Domestic factory shipments of air conditioners experienced a significant YoY decrease of 40%, indicating ongoing challenges in the appliance sector.
Future Outlook: Goldman Sachs anticipates continued growth pressure in December due to high base effects, but expects potential improvement in 2026 with the continuation of the consumer good trade-in policy.
Stock Ratings: Goldman Sachs maintains a bullish outlook on MIDEA GROUP and HISENSE HA, both receiving Buy ratings, while also providing target prices for these stocks.
CMBI Maintains Equalweight Rating for CN Discretionary Consumption Sector with a Cautious Perspective
CMBI's Rating and Outlook: CMBI has assigned an Equalweight rating to China's discretionary consumption sector for 2026, predicting retail sales growth of about 3.5%, influenced by various economic headwinds and a cautious outlook.
Positive Factors and Stock Performance: Despite challenges, factors like the delayed Spring Festival and a recovering real estate sector may support stock prices, with expectations of pressure in the first half of 2026 and potential rebounds in the second half.
Investment Preferences: CMBI categorizes investments into survival, compensatory, and hedging/defensive consumption, recommending companies in these areas, such as LEPU BIO-B and YUM CHINA, all rated as Buy.
Large-Scale Consumption Outlook: The broker is less optimistic about large-scale consumption sectors, although favorable market conditions could enhance their performance, with companies like HAIER SMARTHOME and MIDEA GROUP also rated as Buy.
Galaxy Securities Suggests POP MART as a Top Pick in Trendy Toy Market, Anticipates Continued National Subsidies from CN Next Year to Stimulate Consumption
Implementation Plan for Consumer Goods: Six Chinese ministries have launched a plan to enhance the alignment of supply and demand in consumer goods, aiming to boost consumption amid pressures from insufficient purchasing power.
Government Subsidies: The Chinese government is allocating significant funds for trade-ins of old consumer goods, with RMB150 billion in 2024 and RMB300 billion in 2025, to stimulate short-term demand through national subsidies.
Retail Sales Growth: In October 2025, total retail sales of consumer goods increased by 2.9% year-on-year, although the growth rate showed a slight decline compared to the previous month, indicating ongoing challenges in the consumer market.
Stock Recommendations: China Galaxy Securities has recommended various stocks across sectors, including GUMING and DAMAI ENT in social services, ANTA SPORTS and XTEP INT'L in apparel, and TCL ELECTRONICS in technology, reflecting a focus on the new consumer track.
CICC Reveals Top H-shares Picks for 2026 (Table)
CICC H-Share Outlook: CICC released its H-share outlook report for 2026, highlighting top stock picks including Tencent, Alibaba, and China Mobile, with varying short selling ratios.
Stock Performance: Notable stock movements include Tencent's increase of 1.656%, Alibaba's rise of 0.937%, and significant declines in stocks like Netease and SMIC.
Short Selling Data: The report includes short selling data, with Tencent and Alibaba having high short selling ratios of over 21%, indicating investor caution.
Market Trends: CLSA anticipates a 21% year-over-year growth in Tencent's adjusted EBIT for Q3, reflecting positive expectations for the company's performance.
JPM Highlights Recommendations for Shifting Investments into Underperforming Quality Chinese Stocks (Table)
Stock Performance Overview: Various stocks including CCB, Midea GP, and Haier SmartHome showed mixed performance, with CCB and Haier experiencing declines, while Midea GP saw a slight increase.
Investment Ratings: Most companies listed, such as CCB, PetroChina, and China Mobile, received an "Overweight" investment rating, indicating a positive outlook, while Midea GP was rated "Neutral."
Short Selling Activity: Significant short selling was noted for several stocks, with CCB and Haier SmartHome having high short selling ratios, indicating potential bearish sentiment among investors.
Target Prices: Target prices for the stocks vary, with CCB set at HKD9.5 and PetroChina at HKD8, reflecting analysts' expectations for future performance.
